Osborne Clarke's leverage finance team has once again supported new client Kartesia, the European specialist provider of capital solutions to small and mid-sized companies, as it backs Perwyn's acquisition of Agilitas IT Solutions Limited (a Nottingham-based IT business), soon after providing debt funding to Envisage Dental (a UK dental group operating private pay clinics across the country).
Kartesia provided £32m of committed lines to Envisage from its KSO I fund. This financing represents Kartesia’s third in the dental health sector, following previous investments in Vitaldent in Spain (September 2018) and Efficentres in France (December 2019). The proceeds of Kartesia’s debt investment will be used to support Envisage’s buy and build strategy.
Kartesia's funding of the Agilitas acquisition comprised unitranche term debt alongside capex / acquisition facilities to support further bolt-on activity and growth capital expenditure in support of new contract wins. Agilitas is a leading provider of 'inventory-as-a-service' (IaaS) solutions for IT channel partners.
The deal team at Osborne Clarke was led by leveraged finance Partner Laurie Keel, alongside Associate Director Victoria Dingle, Senior Associate James Hunt, Associates Jon Dodds and Marco Zacchino, and Paralegals Ilona Furukawa and Umair Ghaloo.
Partner Laurie Keel commented: “We are delighted to have been able to support Kartesia on two deals in quick succession, as they continue to identify and execute on compelling investment opportunities in sectors which both we and they know well. Working alongside Nick and Karan, we were able to assist Kartesia in executing smooth transactions on tight timetables. We look forward to supporting Kartesia further as they continue to execute on both UK-focused and pan-European deals."
Osborne Clarke has supported Kartesia on three of its first four deals in the UK, all having completed in the last five months.